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Ratings assigned and not accepted (as on 30 Apr 2026)

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Sl. No. Name of the Issuer Sector Security/Instrument Type Issue Size
(In INR Million) 		Date of Non-Acceptance Listing Status
(Listed/Proposed to be listed/Unlisted) 		Rating assigned along with Outlook
(if any) 		Whether the rating was accepted by the issuer, subsequent to the disclosure of un-accepted ratings?
(Yes/No) 		Date of subsequent acceptance of final rating assigned Final rating accepted by the issuer Whether the issuer requested for a review/appeal subsequent to disclosure of unaccepted rating?
(Yes/No) 		Whether review/appeal of the disclosed unaccepted rating was granted by ICRA.
(Yes/No) 		Remarks
(wherever applicable)
1 Junobo Hotels Private Limted Leisure Services Bank Facilities 750 03 Jul 2025 Unlisted [ICRA]B+(Stable) Yes 25 Aug 2025 [ICRA]BBB(Stable) No
2 Ganesh Consumer Products Limited Agricultural Food & other Products Bank Facilities 680 01 Jul 2025 Unlisted [ICRA]A+(Stable) /[ICRA]A1 Yes 01 Jul 2025 [ICRA]A+ (Stable)/[ICRA]A1 No
3 MAHESH EDIBLE OIL MANUFACTURES PRIVATE LIMITED Agricultural Food & other Products Bank Facilities 2500 01 Jul 2025 Unlisted [ICRA]BBB-(Stable) No No
4 Simran Feeds Private Limited Food Products Bank Facilities 850 01 Jul 2025 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
5 Joys the Beach Resort Private Limited Leisure Services Bank Facilities 1000 30 Jun 2025 Unlisted [ICRA]BB+(Stable) No No
6 Indel Money Limited Finance Non Convertible Debentures 250 30 Jun 2025 Proposed to be listed [ICRA]BBB+(Stable) No No
7 Orra Fine Jewellery Private Limited Consumer Durables Bank Facilities 750 27 Jun 2025 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ No No
8 ETA Engineers Bangalore Private Limited Electrical Equipment Bank Facilities 500 20 Jun 2025 Unlisted [ICRA]BB(Stable)/ [ICRA]A4 No No
9 Triumph Auto (CV) Private Limited Agricultural, Commercial & Construction Vehicles Bank Facilities 3000 05 Jun 2025 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ Yes 10 Jun 2025 [ICRA]BB+(Stable)/[ICRA]A4+ No
10 Advance Valves Private Limited Industrial Manufacturing Bank Facilities 150 04 Jun 2025 Unlisted [ICRA]A-(Stable)/[ICRA]A2+ No No
11 Advance Valves Global LLP Industrial Manufacturing Bank Facilities 150 04 Jun 2025 Unlisted [ICRA]A-(Stable)/[ICRA]A2+ No No
12 B K Sales Corporation Chemicals & Petrochemicals Bank Facilities 725 29 May 2025 Unlisted [ICRA]BBB+ (Stable)/[ICRA]A2 No No
13 Apollo Fashion International Limited Textiles & Apparels Bank Facilities 700 29 May 2025 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ No No
14 Daya Engineering Works Private Limited Industrial Manufacturing Bank Facilities 570 23 May 2025 Unlisted [ICRA]A (Positive) / [ICRA] A2+ Yes 14 Jul 2025 [ICRA]A+ (Stable)/[ICRA] A1 Yes Yes
15 Patil Rail Infrastructure Private Limited Industrial Manufacturing Bank Facilities 4150 23 May 2025 Unlisted [ICRA]A (Positive) / [ICRA] A2+ Yes 14 Jul 2025 [ICRA]A+(Stable)/[ICRA] A1 Yes Yes
16 Thiruverkadu Municipality Public Services Issuer Rating 0 20 May 2025 Unlisted [ICRA]BB+(Stable) No No
17 Thanjavur City Municipal Corporation Public Services Issuer Rating 0 20 May 2025 Unlisted [ICRA] BB+ (Stable) No No
18 Rossell Techsys Limited Aerospace & Defense Bank Facilities 3200 20 May 2025 Unlisted [ICRA]BBB-(Stable)/[ICRA]A3 No No
19 Dtwelve Spaces Private Limited Realty Bank facilities 500 14 May 2025 Unlisted [ICRA]BB+ (Stable)/[ICRA]A4+ No No
20 Shekhawati Entrepreneur Private Limited Construction Bank Facilities 50 13 May 2025 Unlisted [ICRA]B+ (Stable) Yes 15 May 2025 [ICRA]B+ (Stable) No
21 Monsun Foods Private Limited Food Products Bank Facilities 300 07 May 2025 Unlisted [ICRA]BBB (Stable)/ [ICRA]A3+ No No
22 NAMBIAR ENSEMBLERESIDENTIAL PROJECTS LLP Realty Bank Facilities 2750 07 May 2025 Unlisted [ICRA]BBB+ (Stable) No No
23 Bareilly Dairies Limited Food Products Bank Facilities 3800 02 May 2025 Unlisted [ICRA]BB+(Stable) No No
24 SMC Agri Limited Agricultural Food & other Products Bank Facilities 1150 02 May 2025 Unlisted [ICRA]BB+(Stable) No No

Disclaimers :

Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally, ICRA Ratings should not be treated as a recommendation to buy, sell, or hold the rated debt instruments. For ratings which were un-accepted by the Issuer prior to 1st February 2023, the status in column 9 to 14 is updated only if the respective event has occurred after 1st February 2023.

For ratings which are un-accepted by the Issuer on or after 1st February 2023, the status in column 9 to 14 is shown as on date of issue of this disclosure. The '*' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings.

Please visit our website (https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list (https://www.icra.in/Rating/Index) published on ICRA website for further information on rated instruments.